Oil Retreats With Inventories In Focus

US Crude Oil is under pressure again this morning, falling 1.6% after API reported a weekly inventory build of 1.8 mmbbls last night. Oil may remain active today with DOE weekly inventories (street -2.7 mmbbls vs previous +2.9 mmbbls) due at 10:30 am EST. Natural Gas is having a better day so far, climbing 2.0%. Metals are having a tough day too with Gold down 0.3% and Copper down 0.7%.  

US index futures are holding steady this morning trading between down 0.1% for Dow Futures and up 0.25% for NASDAQ Futures. The US 10-year treasury note yield has stabilized near 3.80%. European trading finds he FTSE flat and the Dax down 0.2%. US weekly initial jobless claims (218K vs street 210K) were slightly worse than expected.

Tomorrow is the last trading day for the week, month, quarter and year, so we may see some positioning. The one economic report of note is Chicago PMI, a potential precursor for the national PMI reports that roll out next week.

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